HCM City continues to be engine of national growth

Ho Chi Minh City is to continue playing its role as an engine of
Vietnam’s growth and a nucleus of development in every aspect in the
southern key economic zone, experts agreed at a March 6 workshop in the
city.

At the event, which was held to scrutinize a
blueprint on the city’s economic restructuring for 2013-2020, Deputy
Director of the HCM City Institute for Development Studies Tran Anh Tuan
said the economic restructuring scheme has improved the quality of
economic growth based on the effective use of resources, especially
capital, labour and land.

The scheme is aligned
with a national economic restructuring project that targets public
investment, credit organisations, and State-owned enterprises.

To Duy Lam, Director of the State Bank’s Ho Chi Minh City branch,
described the restructuring of credit organisations as a cornerstone and
driving force that has brought about improved financial capability and
risk management, ensuring the stable growth of the banking sector and
monetary market in particular.

Within the city’s
industry and trade sector, restructuring should be focused on
stimulating production in tandem with fostering innovations and human
resources, particularly in mechanical manufacturing, electronics,
information technology, chemicals, pharmaceuticals, rubber, and food
processing, experts suggested.

They also recommended
developing support industry, raise the rate of local contents in
products, and join the global supply chain.

According to the Department of Industry and Trade, the technology,
processing and manufacturing sectors account for 68.26 percent of the
city’s exports.

About shifting the structure of
tourism sector, a representative from the municipal Department of
Tourism talked about plans to promote competitive tourist products and
boost marketing in major markets, domestically and globally.

Throughout 2015, the sector is continuing building up the HCM City
tourism brand while working for the targets of a 8-10 percent yearly
increase in foreign arrivals and a 15-20 percent rise in domestic
visitors.